Elliott wave Analysis: AU200 Stock and AUDUSD Update


The AU200 is trading nicely bullish, ideally unfolding an extended five-wave move within higher degree wave v) with possible resistance and reversal zone being seen around the 6300/6400 region, where various Fibonacci ratios and the upper Elliott wave channel line can react as turning points, and push prices lower.

Also keep in mind that most of the stocks are approaching resistances, so be aware of a minimum reversal in three legs in upcoming sessions.

AU200, 4H

AUDUSD looks to have completed a triangle correction within wave b, as part of a three-wave bearish move, at the 0.711 level. The decline that followed can now be part of a wave c of Y, which can later look for support and a bullish reversal around the 0.697/0.690 region.

A recovery in impulsive fashion (five legs) and a break above the 0.7107 level would confirm more gains.


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About Author

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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